Tuesday, February 18, 2020

Munger pessimistic on newspapers


Berkshire Hathaway Vice Chairman Charles Munger said U.S. newspapers are “all going to die,” Bloomberg reported. Munger, 96, made the comments Feb. 12 in Los Angeles at a meeting of Daily Journal Corp. Munger is chairman of the publishing company.
“It’s a sad thing,” Munger said. He cited the New York Times and Wall Street Journal as exceptions.
“Technological change is destroying the daily newspapers in America,” Munger said. “The revenue goes away and the expenses remain and they’re all dying.”
Berkshire Hathaway announced in January that it’s selling its BH Media Group publications and The Buffalo News to Lee Enterprises for $140 million in cash.
BHMG owns the print and digital operations of 30 daily newspapers as well as more than 49 paid weekly publications with digital sites and 32 other print products.
In the deal, Warren Buffett’s Berkshire Hathaway is providing approximately $576 million in long-term financing to Lee at a 9 percent annual rate.
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